DEVELOPMENT OF INTELLECTUAL ECONOMY: SOME APPROACHES FOR POLICY ELABORATING

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  Yuliia Orlovska

  Anzhela Cherchata

  Olena Kovalenko

Abstract

This research is devoted to revealing the theoretical and practical foundations of the intellectual economy formation in the conditions of post-industrial society transformation. Using the historical method of analysis, the authors has made the comparative assessment of the main approaches to explaining the content, factors and features of the intellectual economy development. It has been proved that the main driving force of economic development in the intellectual economy is knowledge, which simultaneously acts as both a resource and a product, and for that product specific demand at all levels of the economic system has been formed. In our view, the intellectual economy is a type of economic system that, being based on the intellectual capital of society in the conditions of development of modern information technologies and systems, uses, transforms, creates and disseminates information and knowledge in order to ensure the growth of social welfare, international competitiveness of countries and extended knowledge and innovation cycle formation. That is, knowledge is at the heart of the development of the economic system, and, at the same time, is the final product of this system in each cycle of reproduction of the socio-ecological-economic system. The determining direction of the transformations in the intellectual economy is predominantly the creation and consumption of knowledge as a different type of intellectual property, including its materialized form with a high intellectual component. The fact that knowledge and information are not only used as an inexhaustible cognitive resource for the development of production, but also turn into the main types of consumption associated with personal development, as a means of renewing and building up this resource, is the key to the endless progress of the intellectual economy. The special features and principles of development of intellectual economy have been explained in the paper. These features and principles have been suggested to use as criteria for the construction of national programs for the intellectual economy formation, as well as for these programs success estimation. The recommendations for overcoming the barriers to building Ukrainian intellectual economy have been elaborated.

How to Cite

Orlovska, Y., Cherchata, A., & Kovalenko, O. (2020). DEVELOPMENT OF INTELLECTUAL ECONOMY: SOME APPROACHES FOR POLICY ELABORATING. Baltic Journal of Economic Studies, 6(2), 116-124. https://doi.org/10.30525/2256-0742/2020-6-2-116-124
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Keywords

intellectual economy, economic system, capital

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